NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES
OR DISSEMINATION IN THE UNITED STATES
TORONTO, ON, March 19, 2009 - Polar Star Mining Corporation (TSX-V:PSR) (“Polar Star” or the “Company”) announced today that the Ontario Superior Court of Justice has declined to grant the relief and related orders sought by Polar Star relating to the actions of dissident shareholder Douglas Willock.
The Company had previously filed an application asking the Ontario Superior Court of Justice to declare that Mr. Willock had breached the Canada Business Corporations Act by illegally soliciting proxies for the Company’s April 17, 2009 annual and special meeting of shareholders.
In its decision, the Court noted that three of the four press releases issued by Willock amounted to “steps in the chain of communication designed to culminate in the securing of proxies” and were “issued in circumstances where it was clear proxies would later be solicited.” However, it did not find that the relief sought by the Company was available under Section 247 of the Canada Business
Polar Star will issue a management information circular and provide a form of proxy for all
shareholders in advance of the meeting. The circular is expected to be mailed by March 26, 2009 and to include a recommendation to shareholders from the Board of Directors.
About Polar Star Mining Corporation
Polar Star was created to acquire advanced stage exploration properties focusing on gold, copper, and uranium. The Corporation's material assets include 20 projects in Chile, which are 100% owned and cover approximately 146,112 hectares.
This press release may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual events or results could differ materially from the Company's expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as "anticipate", "will", "intend" and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Polar Star Mining Corporation's filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.polarstarmining.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release and the information contained herein.
For further information:
Stephen G. Roman
Polar Star Mining Corporation